New Delhi, May 31 -- Many Indians move abroad every year for work, higher education or business opportunities, while some may also have plans to return after a few years. Visas, taxation and investments form a crucial part of relocation planning, but the status of existing bank accounts in India is another important aspect that deserves equal attention. If you fail to do so, there can be consequences.

Under Indian banking regulations, a person's residential status determines the type of bank account they can hold. This means once a person leaves India for reasons mentioned above, they are treated as non-resident Indian (NRI), and at this stage, a normal resident savings account is supposed to be converted into a special NRI account, know...